Registration. All Cayman Financial Institutions (CFIs) must register with the Department of International Tax Cooperation for CRS (or vary their existing FATCA/UK CDOT registration) by 31 July 2017. Registration/variation is required even for CFIs that have no reporting obligations.
Reporting. All CFIs must report under FATCA/CRS by 31 August 2017. This is a final deadline and will not be extended.
Failure to register or report by the relevant deadline is an offence and may result in fines of up to US$60,000.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.